OTTAWA, Aug. 17, 2017 (GLOBE NEWSWIRE) -- Northern Graphite Corporation (TSXV:NGC)
(OTCQX:NGPHF) (“Northern” or the “Corporation”) announces that it has received approval for the grant of
500,000 stock options to non-executive directors as disclosed in its press release dated April 29, 2016. The grant of these
options was subject to acceptance by the TSX Venture Exchange (“TSXV”) which was received on August 14, 2017, and disinterested
shareholder approval which was received at the Corporation’s annual meeting of shareholders held on June 5, 2017.
Accordingly, these options are now exercisable in full. Non-executive directors to whom the options were granted had
previously held 500,000 stock options of the Corporation which were voluntarily cancelled in December, 2015 and as a result, both
TSXV and disinterested shareholder approval were required.
Further to the Corporation’s press release dated March 27, 2017 announcing the closing of a non-brokered private
placement of 8,333,333 units at a price of $0.30 per unit for gross proceeds of $2.5 million, the Corporation wishes to provide
supplemental disclosure that two directors of the Corporation participated in the private placement and subscribed for 223,333
units for gross proceeds of $67,000. Such subscriptions constituted a “related party transaction” under Multilateral
Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation relied on
exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 from the formal valuation and minority shareholder approval
requirements of MI 61-101 for the related party transaction, as neither the fair market value of securities issued to insiders nor
the consideration paid by insiders exceeded 25% of the Corporation’s market capitalization. The Corporation did not file a material
change report 21 days prior to the closing of the private placement as the details of the participation of the related parties of
the Corporation had not been confirmed at that time.
About Northern Graphite Corporation
Northern Graphite is a Canadian company that has a 100% interest in the Bissett Creek graphite deposit located in southern Canada
and relatively close to all required infrastructure. Bissett Creek is an advanced stage project that has a full Feasibility
Study and its major environmental permit. Subject to the completion of operational and species at risk permitting, which are
well advanced, Northern could commence construction in early 2018 subject to obtaining the required financing. Northern
believes that Bissett Creek has the best flake size distribution, highest margin and lowest marketing risk of any new graphite
project, and has the added advantages of a low capital cost and realistic production target relative to the size of the market.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Additional Information Please Contact: Gregory Bowes, CEO at (613) 241-9959
